Duplex with Finished
For Sale
$799,000
2533 Mill Avenue, Brooklyn, NY 11234
Residential, Duplex, Brooklyn, NY
Property Size1,188 SF
Lot Size0.04 Acres
Price / SF$672.56
Days on Market97
Property Features for 2533 Mill Avenue
General Information
Property type
Residential
Property subtype
Duplex
Zoning
A5
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1
Interior features
A/C Unit, A/C Unit - Wall, Central Air
Basement
Finished, Full
Subdivision
Mill Basin
Standard status
Active
Size
1,188 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
6138
Building Details
Year built
1960
Floors in Building
2
Flooring type
Hardwood, Ceramic
Building materials
Brick
Roof type
Flat
Architectural style
Other
Listing Agency:
Tree of Life Realty & Mgmt LLC
(646) 710-0602
Listed By:
Larisa Elchananov
(646) 710-0602
Added: May 28
Changed: Aug 30
Last Checked: Sep 1 at 9:06AM
MLS# 501805
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,188-square-foot duplex was built in 1960 with brick construction, a flat roof, and a finished basement. The first floor includes an eat-in kitchen, combined living and dining areas, hardwood flooring, sliding-door access to the backyard, and a half bathroom. Upstairs are three bedrooms with closets and a full bathroom. The basement adds ceramic tile flooring, a half bathroom, washer and dryer connections, storage closets, and additional backyard access.
Interior features include central air conditioning and wall-mounted A/C units. The property occupies 0.0413 acres and carries A5 zoning. Its Brooklyn setting places the home near parks, schools, shopping centers, and transportation, with the property located on Mill Avenue in the 11234 postal area.
Interior features include central air conditioning and wall-mounted A/C units. The property occupies 0.0413 acres and carries A5 zoning. Its Brooklyn setting places the home near parks, schools, shopping centers, and transportation, with the property located on Mill Avenue in the 11234 postal area.
Key Highlights
- 1,188‑square‑foot duplex on 0.0413 acres
- Three‑bedroom upper level with closets
- Finished basement with ceramic tile flooring and backyard access
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,606
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$832,120
$832.1K
Cap Rate 7%
$594,371
$594.4K
Cap Rate 9%
$462,289
$462.3K
Market Conditions
NOI Build-Up for 1,188 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.6K $51.00/SF
− Vacancy
−$1.2K −$0.97/SF
EGI
$59.4K $50.03/SF
− OpEx
−$17.8K −$15.01/SF
NOI
$41.6K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$832,120
Cap Rate 7%
$594,371
Cap Rate 9%
$462,289
Alternative Uses
Best Use
Multifamily LT 5
$594.4K
$520.1K – $693.4K
NOI $41,606 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$518.1K
$453.4K – $604.5K
NOI $36,268 @ 7.0% cap · market cap 4.54%
Theoretical Best
Specialty Retail
$983.7K
$860.7K – $1.15M
NOI $68,856 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Brick construction, backyard access, and central air complement the multi-level interior.
Where is this duplex located?
The property is located at 2533 Mill Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 1,188‑square‑foot duplex on 0.0413 acres; Three‑bedroom upper level with closets; Finished basement with ceramic tile flooring and backyard access
